The new teams will replace Chennai Super Kings and Rajasthan Royals, which are serving two-year suspension terms. BCCI Working Committee had decided to replace CSK and RR following the interim report of the Supreme Court-appointed Justice Lodha Committee on the spot fixing and betting scandal in the IPL held in 2013.

The tender notice, published by BCCI on November 16, was for "the right to operate and manage one of the two new franchise which are intended to form part of the League during 2016 and 2017 seasons but not thereafter."

The offer was for the right to operate and manage one of the two new franchises in 2016 and 2017, exploit the team rights to stage its home league matches at the stadium which would be provided by the BCCI and a host of other rights.

IPL Governing Council's chairman Rajeev Shukla had told reporters here before the tender notice was published that the IPL GC had decided to leave out Jaipur and Kochi as franchise venues.

"In all nine venues have been finalised for the formation of the two new teams," Shukla had said adding, "it will be a walk in bid on December 8. The base price for reverse bid from central revenue pool is Rs 40 crore and the party which bids for lowest share from central revenue pool will be the winner of new team."

The classical definition of reverse bidding or reverse auction states: "In a reverse auction, the buyer puts up a request for a required good or service. Sellers then place bids for the amount they are willing to be paid for the good or service, and at the end of the auction the seller with the lowest amount wins."